Finances

Dating app BLK, which serves the community of Black daters, announced the launch of “Break the Bank,” a new finance-related campaign initiative.

The campaign promotes “financial literacy” and provides tips to users on how to weather inflation, according to The Drum. It was developed with help from networking collective The Gathering Spot and will be rolled out nationwide in time for Black Business Month. According to BLK, the idea came from the fact that black-owned businesses are particularly vulnerable right now, and are shutting down at twice the average national rate.

The Gathering Spot will send in-app notifications of financial advice to users, with topics like “How Increased Rates will Affect Your Money Flow” and “Tips to Grow Your Small Business to the Next Level.” The app will also be encouraging users to shop at Black-owned businesses with its #BlackSummerSpend campaign on social media channels.

Dating app conglomerate 9Count announced that it has raised another $6 million in VC funding on top of its earlier Series A funding of $21.5 million, bringing total funds raised so far to $27.5 million.

According to Tech Crunch, investors have taken notice of the company’s dating app Summer, a rebranding of former dating app Spark, which has gained traction in a saturated market namely for its appeal to younger daters.

Summer hit number one in the App Store in two markets immediately after its launch and now has more than 500,000 downloads, over a million registered users, and more than 300,000 monthly active users (just a few months later). 9Count CEO Alex Hofman told Tech Crunch that it’s “the fastest-growing dating app to hit the market since Bumble arrived in 2014.”

Founder of Blued - Baoli Ma

Baoli Ma, the founder of BlueCity Holdings which operates Blued, China’s most popular gay dating app, has stepped down from his position as chairman and CEO after the company was privatized and delisted from NASDAQ. The company has not yet named a successor.

According to the South China Morning Post, Ma hinted that it was difficult to run a gay dating platform in the country’s current environment, where the government is cracking down on LGBTQ content online and removing gay dating apps including Grindr from its app stores. Last year, Chinese conglomerate Tencent erased over a dozen LGBTQ university groups from WeChat. Same-sex marriage is currently illegal in China as well.

The country has enforced new rules regarding privacy, data management and algorithmic recommendations for the past few years, which have especially affected gay dating platforms like Blued. But the app has run into controversies on its own, too. In 2019, Blued suspended new user registrations for one week after a report came out that some underage users contracted HIV on dates set up via the app.

The global dating market continues to grow at a faster rate than ever before, with projections of total market value to more than double in the next five years.

A new study by Research and Markets detailing the growth of the online dating market globally had an optimistic outlook despite recent disappointing quarters from top dating platforms Bumble and Match Group. The value of the online dating market in 2021 was valued at $12.37 billion and is expected to grow to $28.36 billion by 2027. The online dating market is expected to grow at a CAGR (compound annual growth rate) of 14.84 percent over the period from 2022 to 2027.

Part of the reason for this growth is the popularity of dating apps, especially in countries with younger, growing populations like India and China. In addition, the proportion of single people has been rising worldwide, according to the study.

Dating app company Bumble has lowered its revenue forecasts through the end of the year, signaling that the boost from pandemic dating might be over.

Bumble adjusted its annual revenue to be between $920 million and $930 million for the year, lower than previous forecasts and market estimates of $934-$944 million. The company’s stock fell 13 percent after the news according to Reuters.

This news follows that of competitor Match Group, which also fell short of expected earnings for Q2. In the wake of the downturn, Match Group announced the lowering of its projected revenue for Q3, with a company shake-up that included halting development for metaverse dating and virtual currency and a restructuring of its executive leadership. Match Group’s stock also took a hit, dropping 20 percent in value after the company released its letter to shareholders.

The Right Stuff, a dating app for conservatives that is backed by Peter Thiel, will launch in September of this year.

The announcement came from the company’s social media platforms, with a video promotion starring Ryann McEnany, sister of former Trump press secretary Kayleigh McEnany, touting the app’s features. "The Right Stuff is all about getting into the right dating pool with people who share the same values and beliefs as you," she says in the video. She also notes that the app is “invite only,” aiming to model itself after exclusive dating apps like The League.

Thiel invested $1.5 million in the app, which Axios said is being created by a company run by former Trump political aide John McEntee. Former Trump White House advisor Daniel Huff is a co-founder of the app.